Money SA economy
The JSE opened broadly firmer on Monday on the back of upbeat corporate news from MTN and Aspen Pharmacare Holdings and amid some bargain hunting.
By 09:26 local time the JSE all share index had added 0.44%, with resources 0.63% firmer and platinum miners 0.56% stronger. Gold miners gained 0.42%. Banks rose 0.43%, financiers were 0.23% better off and industrials climbed 0.37%. Gold was quoted at $1,218.97/oz from $1,212.28/oz at the JSE's previous close, while platinum was at $1,531.50/oz from $1,520.50/oz before.
An equities dealer said the local market started on a positive note due to "a couple of positive news items this morning" including MTN's release of a fairly good trading update, and Aspen's offer to Sigma Pharmaceuticals to acquire its pharmaceutical for a cash consideration of about R5.871 billion.
"Because of a sell-off last week, there is value in the market and investors are looking for bargains in specific shares," the dealer said.
Dow Jones Newswires reported Asian stock markets were mixed on Monday with weaker-than-expected economic growth from Japan weighing on sentiment across the region, though gains in Chinese shares were helping to stem the losses.
On the JSE, Anglo American Plc added R1.40 to R271.90, BHP Billiton gained R1.66 to R223.31, and Sasol pocketed R2.50 to R292.00.
